When will Geico pass us up in terms of total auto policies ? When I started 7 years ago people always bragged that we are way bigger than the 2nd and 3rd place companies ....COMBINED.
Fast forward to today and Geico is already within about 5% market share of us...about 13% to 18%.
Any guesses on what year they pass us by?
My guess is 2027.
If you think fall off bad now wait until agents get a new commission schedule. it’s a disgrace.
The board bought a HUGE liability on getting NEGATIVE policy counts. Problem is there is no accountability to the TOP.
MT should have never said to WB we will always be number 1.
My guess is 2022 we will be even and GEICO will be number ONE.
Welcome to number TWO SF.
The recent executive briefing had a graph that showed State Farm likely losing another 1% just like last year. That will put us at about 16% market share. If Geico continues growing at the rate they have been the last couple of years, they should be at about 14% at the end of this year. At the current pace, they are going to pass state farm in a couple years. This restructuring has come at a huge expense… Number one since 1944 quickly dropping to number two just five or six years after the failed six sigma initiative. It didn’t work out too well for General Electric either. Nice job MT!
Let them pass us. 90 billion in reserves will fund the execs for decades
With an employee and agency force beat down to the ground and fearful of their futures, GEICO will pass us sooner or later.
Who cares about auto policies? We finance autos. I plan to pass on Toyota's .9% and go will go with my agent. And oh those mutual funds!
2 by ‘22 is the rallying theme I heard
And their advertising is 100 times more creative!
Good to hear from the customer every once in a while. If you don’t mind me asking, how did You find this site? What were your searching for exactly?
I was with State Farm for over 20 years when I was in an accident that wasn't my fault and they failed to even try to hold the other driver accountable, even after the claims person I was dealing with agreed it wasn't my fault. I hadn't had a claim in over 4 years when that happened and I dropped them the day after they sent me a letter notifying me of my rate increase. State Farm is getting what it deserves.
At the rate that Geico is expanding and State Farm is shrinking, I would give it less than five years before they take over.Our claims operation is a pitiful joke now.
"On August 30, 2030 — my 100th birthday — I plan to announce that GEICO has taken over the top spot. Mark your calender," -Warren Buffett
https://www.businessinsider.com/warren-buffett-thinks-geico-will-be-top-spot-when-hes-100-2016-2
I think it will be sooner than 2030 with the way State Farm is shedding auto policies. Maybe 2025.